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• Treasury Laws Amendment (Supporting Australian Farmers) Bill 2018

  Track (What's this?)

  Date

  13 Sep 2018 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the

  Income Tax Assessment Act 1997

  to allow primary producers to immediately deduct (rather than depreciate over three years) the cost of fodder storage assets, such as silos and hay sheds, used to store grain and other animal feed. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Bill 2018

  Track (What's this?)

  Date

  24 Oct 2018 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Implements certain recommendations of the ASIC Enforcement Review Taskforce by amending the

  Corporations Act 2001

  ,

  Australian Securities and Investments Commission Act 2001

  ,

  National Consumer Credit Protection Act 2009

  and

  Insurance Contracts Act 1984

  to: introduce a stronger penalty framework for corporate and financial sector misconduct; and make miscellaneous technical and consequential amendments. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Self Managed Superannuation Funds) Bill 2020

  Track (What's this?)

  Date

  02 Sep 2020 

  Chamber

  Senate 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Superannuation Industry (Supervision) Act 1993

  to increase the maximum number of allowable members from four to six in self managed superannuation funds and small APRA funds; and

  Corporations Act 2001

  ,

  Income Tax Assessment Act 1997

  ,

  Superannuation Industry (Supervision) Act 1993

  and

  Superannuation (Unclaimed Money and Lost Members) Act 1999

  to make consequential amendments. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Reuniting More Superannuation) Bill 2020

  Track (What's this?)

  Date

  06 Feb 2020 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Retirement Savings Accounts Act 1997

  ,

  Superannuation Industry (Supervision) Act 1993

  and

  Superannuation (Unclaimed Money and Lost Members) Act 1999

  to: facilitate the closure of eligible rollover funds by 30 June 2021; and enable the Commissioner of Taxation to reunite amounts he or she receives from eligible rollover funds with a member's active account; and

  Income Tax Assessment Act 1997

  and

  Taxation Administration Act 1953

  to make consequential amendments. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Registries Modernisation and Other Measures) Bill 2019

  Track (What's this?)

  Date

  04 Dec 2019 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Introduced with the Commonwealth Registers Bill 2019, Business Names Registration (Fees) Amendment (Registries Modernisation) Bill 2019, Corporations (Fees) Amendment (Registries Modernisation) Bill 2019 and National Consumer Credit Protection (Fees) Amendment (Registries Modernisation) Bill 2019 to create a new Commonwealth business registry regime, the bill: amends 12 Acts to bring 35 existing business registers into the new regime; and

  Corporations (Aboriginal and Torres Strait Islander) Act 2006

  ,

  Corporations Act 2001

  ,

  Income Tax Assessment Act 1936

  and

  Taxation Administration Act 1953

  to introduce a director identification number requirement. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019

  Track (What's this?)

  Date

  23 Oct 2019 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Introduced with the Foreign Acquisitions and Takeovers Fees Imposition Amendment (Near-new Dwelling Interests) Bill 2019, the bill amends the:

  Income Tax Assessment Act 1997

  to: remove the entitlement to the capital gains tax (CGT) main residence exemption for foreign residents; and clarify that, for the purpose of determining whether an entity’s underlying value is principally derived from taxable Australian real property under the foreign resident CGT regime, the principal asset test is applied on an associate inclusive basis;

  Income Tax (Transitional Provisions) Act 1997

  to provide for transitional arrangements in relation to the main residence exemption;

  Foreign Acquisitions and Takeovers Act 1975

  to require a reconciliation payment to be made by developers who sell dwellings to foreign persons under a near-new dwelling exemption certificate; and

  Income Tax Assessment Act 1997

  and

  Taxation Administration Act 1953

  to provide an additional affordable housing capital gains discount of up to 10 per cent. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 1) Bill 2017

  Track (What's this?)

  Date

  07 Sep 2017 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Introduced with the First Home Super Saver Tax Bill 2017 to establish the First Home Super Saver Scheme, the bill amends: 10 Acts to enable first home savers to make voluntary contributions into the superannuation system and to withdraw those contributions and associated earnings for the purposes of purchasing their first home; and the

  Income Tax Assessment Act 1997

  and

  Taxation Administration Act 1953

  to allow an individual aged 65 years or over to use the proceeds of one sale of their main residence to make contributions (downsizer contributions) of up to $300 000 to their superannuation. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019

  Track (What's this?)

  Date

  18 Sep 2019 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Income Tax Assessment Act 1997

  and

  Superannuation Guarantee (Administration) Act 1992

  to provide for a one-off amnesty to encourage employers to self-correct historical superannuation guarantee non compliance; and

  Superannuation Guarantee (Administration) Act 1992

  to limit the Commissioner of Taxation’s ability to remit penalties for historical superannuation guarantee non-compliance, where an employer fails to disclose information relevant to their historical superannuation guarantee shortfall. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Putting Members’ Interests First) Bill 2019

  Track (What's this?)

  Date

  04 Jul 2019 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Superannuation Industry (Supervision) Act 1993

  to prevent trustees from providing insurance on an opt out basis to members who are under 25 years old and begin to hold a new product on or after 1 October 2019, and to members who hold products with balances below $6000; and

  Superannuation (Unclaimed Money and Lost Members) Act 1999

  to make consequential amendments. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Bill 2017

  Track (What's this?)

  Date

  14 Sep 2017 

  Chamber

  Senate 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends: the

  Corporations Act 2001

  and 12 other Acts to introduce a new external dispute resolution scheme, known as the Australian Financial Complaints Authority (AFCA), to resolve disputes about products and services provided by financial firms; and five Acts to: require firms that must participate in the enhanced internal dispute resolution (IDR) framework to report their IDR activities to the Australian Securities and Investments Commission (ASIC) in accordance with ASIC requirements; provide ASIC with additional powers to determine the content and form of IDR reporting by IDR Firms and to publish this data at both the aggregate and firm level; and allow ASIC to specify, by legislative instrument, requirements for trustees and retirement savings account providers to provide written reasons for decisions in relation to complaints. Also repeals the

  Superannuation (Resolution of Complaints) Act 1993

  and makes consequential amendments to 11 Acts. 

  Bill | Explanatory Memorandum